Get an unsecured loan you can use for any purpose you wish. We have access to loans of up to £25,000 and as little as £1000. And the great thing about personal loans is that you don't have to own your home nor have perfect credit.

If you own your home then a secured homeowner loan allows you to borrow against the equity in your home. Typically rates are lower than with an unsecured personal loan. They currently start at 3.65%. The average amount borrowed is £30k to £40k, but we have lenders who could offer you much more (subject to your circumstances).

Bad Credit Loans

A Choice of Bad Credit Loans

We Solve Borrowing Problems - from £100

High street banks and other UK lenders may not like your bad credit history. They've probably refused to lend to you and you may believe that your financial situation is impossible. But don't panic - your credit rating need not be a problem.

Since 2005 we've specialised in helping people who have credit issues. As a no fee broker our range of "bad credit" loans is wide. They are designed to help when you don't qualify for ordinary financial products.

Solutions to consider:

Credit Problems that could be "Ignored"

The following types of creditworthiness issues could be avoided if you choose the right type of borrowing:

Arrears, Defaults & CCJs

Amounts over £500 are available for any period from 12 to 60 months. A sum of £500 or less is short term credit available for 6 to 24 months. If your guarantor is a homeowner you can borrow over £7500.

Amounts over £500 are available for any period from 12 to 60 months. A sum of £500 or less is short term credit available for 6 to 24 months. If your guarantor is a homeowner you can borrow over £7500.

No accounts or No proof of income

Amounts over £500 are available for any period from 12 to 60 months. A sum of £500 or less is short term credit available for 6 to 24 months. If your guarantor is a homeowner you can borrow over £7500.

No borrowing history (yet)

Amounts over £500 are available for any period from 12 to 60 months. A sum of £500 or less is short term credit available for 6 to 24 months. If your guarantor is a homeowner you can borrow over £7500.

Discharged from Bankruptcy, completed IVA or other debt management plan

Amounts over £500 are available for any period from 12 to 60 months. A sum of £500 or less is short term credit available for 6 to 24 months. If your guarantor is a homeowner you can borrow over £7500.

What Types of Bad Credit Loans can you get?

The main alternatives available to you include:

Guarantor loans - where another person will step in and make your repayments if you are unable to.

Secured loans - where you do provide an asset as security to the lender. These include homeowner loans (the house you own is the asset) or logbook loans (your vehicle is the asset). These assets are at risk if you miss your repayments.

How to find an Affordable Loan

how reliably you have repaid borrowings in the past - they'll look at your credit file.

whether you can afford the repayments on any new loan made to you - they'll look at your income and outgoings to assess its affordability.

Not being able to afford additional repayments is likely to be a deal breaker, while your credit history is more likely to simply affect the cost of your new loan and whether you'll be required to provide security.

How much will a Bad Credit Loan cost?

Having a bad credit rating puts a lender on alert. They compensate for the extra perceived risk by charging a higher interest rate. You'll also notice that if you are prepared to offer an asset as security or provide a guarantor that you might be able to reduce that interest rate somewhat. Effectively you are opting to take on some/all of the risk the lender had.

Things you should consider when borrowing

If you are thinking of applying for finance even though you have an adverse rating you should consider:

Interest rates: typically you'll pay a higher interest rate if you have a poor credit score

Unsecured vs secured: to get a better interest rate you could provide security, but are you really prepared to lose your asset if you default on your debt repayments?

Guarantees: getting someone to support your application should help you get a better rate

Your credit score: if you do borrow more and make repayments on time and in full then you can improve your bad credit rating. If you fail to then you will make it worse.

Borrowing term: as with any form of debt the longer you borrow for the higher the total interest on that debt will be. This is made even more noticeable by the higher interest rate you will be paying.

Loan amount: only borrow what you really need.

About People Applying for these loans

Looking at the applications we get for this type of loan there are some obvious trends:

Debt consolidation is the most common purpose - to make monthly repayments on existing debt more manageable.

Perhaps because applicants have been rejected over an over again they quite reasonably want quick lending decisions. And a fast payout is also considered very beneficial.

People on lower incomes tend to have a poorer credit rating - with a higher proportion of income required for for meeting life's basic expenses and with greater job and income insecurity this is unfortunately the case.

It may not surprise you but younger people tend to have a worse credit score perhaps linked to lower incomes and their spending habits.

Don't know which suits you? Here are some alternatives:

Our Promises

Useful Related Pages:

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When it comes to getting you your bad credit loan our online service is second to none. In fact Solution-Loans.co.uk has scored4.7 out of 5 based on 262 ratings & 41 user reviews for its poor credit loans service.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY

MISSING PAYMENTS ON A LOAN WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE

Solution Loans is a licensed credit broker and not a lender. Nothing on this website constitutes financial advice. If you need financial advice you should speak to a qualified financial advisor. This website provides information only. The choice of product is yours and your alone. As a broker we process the information you provide us and we may pass this onto our trusted third party lenders and brokers. All borrowing is subject to you being a UK resident, aged 18 or over and your personal circumstances. All lenders operate responsible lending policies and as such what you would like to borrow is subject to an affordability assessment. § Visit how we earn revenue for more information.